Examlex
Milgram's study on obedience found that while most participants were willing to administer what they thought were painful shocks to the "subject," less than 10 percent were willing to administer the highest level of shock (450 volts).
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded for it at various prices.
Perfectly Elastic
A state of demand or supply in which the quantity demanded or supplied changes infinitely with any change in price.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.
Efficient Output
The maximization of output using the least amount of inputs or resources.
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